"By partnering with local churches for new housing on church-owned land, affordable housing developers can eliminate the added cost of a land acquisition, which can be significant."
"Logos Founder Martin Porter said the church puts its land into a joint venture, single-purpose entity which Logos is the administrative general partner of, giving Logos site control while maintaining the nonprofit status of the partnering organization."
"We maximize the tax upside by then being able to secure the welfare tax exemption, which is extremely important, and being able to minimize negative tax consequences that occur when you transfer title into a new joint venture entity."
Developers are increasingly collaborating with local churches to build affordable housing on church-owned land, significantly reducing land acquisition costs. In Los Angeles County, land acquisition costs range from $100 to $190 per square foot. By partnering with churches, developers can save between $4.4 million to $8.3 million for a 100-unit multifamily complex. Logos Faith Development specializes in these projects, allowing churches to maintain nonprofit status while maximizing tax benefits and minimizing costs associated with property taxes and land acquisition.
Read at therealdeal.com
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